The current economic downturn is encouraging issuers to review their audit arrangements with more pressure to delivery low cost audits says Ernst & Young’s audit chief, John Flaherty. According to reports in Accountancy Age tendering activity is at its highest level since the beginning of the new millennium. ‘We are seeing more driven on the […]
Read MoreThe SEC’s proposed rule on proxy access is garnering plenty of comments, both in favor of and against, with more than 300 comments filed on the proposal as of Aug. 18, 2009 writes ProxyGovernance’s Scott Fenn. Law professors and law firms are represented prominently among the institutions and individuals commenting. One omnibus comment letter on behalf […]
Read MoreThe Hong Kong Court of Appeal has rejected a request from Richard Li and PCCW to appeal a ruling that blocked the phone company’s HK$15.93 billion privatization. Justice Anthony Rogers ordered Pacific Century Regional Developments, Li’s Singapore-listed holding company, to pay the legal costs of Hong Kong’s market regulator and two minority shareholders represented in […]
Read MoreThe AGM of Quintain Estates & Development plc, to be held on 9 September, will again include a separate resolution to approve the report of the Audit Committee. Furthermore, shareholders will be asked to vote on the re-election of the Chairman of the Audit and Remuneration Committees – as distinct from their re-election to the […]
Read MoreFollowing a decision by the South African Institute of Directors to abandon a plan to launch a code aimed at encouraging engagement by institutional investors, the Public Investment Corporation (PIC) has pledged to pursue the matter, according to BusinessDay. Next month will see the publication of the King III Report on Corporate Governance which will […]
Read MoreThe New South Wales Supreme Court has imposed bans and penalties on former directors and officers of James Hardie following the ruling in April 2009 by Justice Ian Gzell that the ten had breached their duties to the company in 2001 over a misleading media release about asbestos compensation. Some of the former executives are […]
Read MoreShareholders wanting to work together on “ad-hoc governance strategies” are unlikely to fall foul of the UK’s Financial Services Authority (FSA). In a “safe harbour” letter to the Institutional Shareholders’ Committee, the FSA’s Sally Dewar sets out how its rules apply to shareholders wanting to work together to promote effective corporate governance in investee companies. […]
Read MoreAs previously reported, the SEC is proposing that US proxy voting results should be published within 4 days rather than waiting for the next quarterly return to be lodged, which is the majority practice at the moment. In many parts of the world we now take it for granted that we can see scrutineered voting results […]
Read MoreThe FSA this week introduced a new code for remuneration practices at large banks, building societies and broker dealers in the UK. Not surprisingly, the FSA’s main objectives are to ensure that boards keep a tighter rein on the link between company pay and risk management and sustainability, and that incentives provided to individuals are […]
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